When a federal judge refused to approve a proposed $33 million settlement of SEC charges that Bank of America failed to inform shareholders of its agreement for billions in bonuses to Merrill Lynch employees in advance of their merger, he said he wanted to know more. An SEC brief claims that Wachtell, Shearman & Sterling and BofA's in-house lawyers decided exactly what to put in and to keep out of the merger agreement and proxy statement. Bank of America argues that it didn't fail to disclose the bonuses at all.
SEC Blames Law Firms for BofA's Failure to Disclose Merrill Bonuses
The American Lawyer
August 25, 2009